Oil

Crude oil prices moved higher today, after the U.S. Energy Information Administration reported an inventory draw of 5.9 million barrels for the week to December 16. At 418.2 million barrels, U.S. crude oil inventories remain some 7 percent below the five-year average for this time of the year. The latest …

Oil prices inched higher on Tuesday, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China. Brent crude futures were up 15 cents, or 0.2 per cent, at $79.95 …

Global oil prices on Monday morning rose by about 1%, according to the trading data. Markets are evaluating the prospects of expansion of consumption of this raw material in China, follows from the commentary of the expert. The price of Brent crude oil futures for February is increasing by 0.86% …

In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, …

The US will begin repurchasing crude oil for its Strategic Petroleum Reserve (SPR) in February, the Energy Department announced on Friday. “This repurchase is an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was …

Oil prices fell on Thursday as the possibility of further interest rate increases offset growing optimism over China’s demand outlook. Brent, the benchmark for two thirds of the world’s oil, was trading 0.56 per cent lower at $82.24 at 10.17am UAE time. West Texas Intermediate, the gauge that tracks US …

Lower oil prices and steeper discounts for Russian oil sent Russia’s oil revenues down in November despite the highest export volumes since April this year, the International Energy Agency (IEA) said on Wednesday. Last month, total oil exports out of Russia rose by 270,000 barrels per day (bpd) from October …

Tuesday saw an increase in oil prices for a second day as a major pipeline supplying the United States, the world’s largest consumer of crude, remained closed and on hopes that demand will increase as COVID limits are eased in China, the world’s second-largest consumer of petroleum. Supply has been …

Crude oil began trading this week with a gain, pushed higher by the shutdown of the Keystone pipeline and uncertainty around the consequences of the G7 price cap on Russian oil exports. Brent crude was trading close to $76.50 per barrel at the time of writing, with West Texas Intermediate …

Oil prices rose more than 1 per cent on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. Brent crude futures were up 46 cents, or 0.6 per cent, …